34 Million XRP Moves to Exchanges, Sell-Off Incoming?

With rising prices across the cryptocurrency market, whales appear to be moving their XRP holdings to exchanges for a potential sell-off or other activities. This significant XRP transaction was reported by the blockchain-based transaction tracker Whale Alert on X (formerly Twitter).

Crypto Whales Off-Load $76 Million Worth of XRP

In a post on X, Whale Alert noted that an unknown wallet had dumped a significant 30.17 million XRP tokens, worth $76.34 million, onto the coinbase coinbase - support@coinbase.com WalletCentralised Exchange cryptocurrency exchange.

In addition to this notable transaction, the on-chain analytics firm CryptoQuant observed that exchange reserves have increased by 34 million XRP in the past 48 hours. This metric show that long-term holders have begun moving their holdings to exchanges, indicating a potential sell-off signal and the possibility of increased selling pressure.

However, these sell-off signals and notable XRP transfers have occurred just as the altcoin has broken out from a bullish flag-and-pole price action pattern.

XRP Price Action and Key Levels

Despite these bearish signals, XRP maintains its bullish structure and is testing a key resistance at $2.60. However, a daily close above $2.62 could confirm a breakout, potentially driving XRP toward $4.42, a 70% surge, in the future.

On the positive side, XRP’s Relative Strength Index (RSI) is below the overbought area, indicating that the asset still has enough room to continue its upside momentum.

• Also Read :
•   Bitcoin, ETH, & XRP Price Prediction: What You Can Expect This Week?
• ,

Current Price Momentum

At press time, XRP is trading near $2.52, having experienced a price drop of over 1.90% in the past 24 hours. However, during the same period, its trading volume declined by 18%, indicating lower participation from traders and investors compared to the previous day.